Assuming this is a bullish scenario... the argument could be strongly made that this is the bottom of the wave 2 retrace. It has found support at the .618 level and bottom of descending wedge which is bullish in itself.
However.... I wouldn't be convinced of a true bottom until the .786 retrace is complete.. which wouldn't happen until April 2020 unless that was a catastrophic breaking down from the descending wedge. Even in this case though I would expect a rally to top of channel one more time before the last leg down.
Either way.. if this is the start of wave 3 up or a continuation of the descending wedge down.. this is a strong support level to create a long position. If it failes to break the upper channel.. then time to sell and rebuy lower.
I don't trade BTC for full disclosure.. :P
However.... I wouldn't be convinced of a true bottom until the .786 retrace is complete.. which wouldn't happen until April 2020 unless that was a catastrophic breaking down from the descending wedge. Even in this case though I would expect a rally to top of channel one more time before the last leg down.
Either way.. if this is the start of wave 3 up or a continuation of the descending wedge down.. this is a strong support level to create a long position. If it failes to break the upper channel.. then time to sell and rebuy lower.
I don't trade BTC for full disclosure.. :P
Comment:
I also see there is some bullish divergence on the RSI at this point in time as well.